Your public school employees retirement system [Sept. 1973]

OPTIONS
Several optional methods of benefit payment are available. One permits the retired member to take a permanently reduced benefit during his lifetime, with this same amount paid to a named surviving beneficiary after the member's death. Another option permits this beneficiary to receive a specified portion of a greater benefit amount after the member's death. A third option allows a guaranteed minimum number of payments to the retired member and/or his beneficiary. Members considering one of these options shou ld contact the retirement system for add itional details well in advance of filing their applications.
REFUNDS
When a member leaves employment prior to Retirement, regardless of the reason, he is entitled to a fu II refund of all his contributions to the System, plus allowable interest. Forms for requesting this refund are available with school superintendents.
VESTING
Members leaving employment after
10 or more years may "vest" their
contributions-- that is, leave their money on deposit with the system. This makes them eligible for a month ly benefit any time after they reach age 60. The amount, as in regular retirements, depends on the number of years service and age at which the member begins receiving monthly benefits.

ADMINISTRATION
Your Public School Employees Retirement System is administered by a Board of Trustees consisting of the Board of Trustees of the Employees' Retirement System of Georgia and three ex-officio members; the Executive Secretary of the Georgia School Bus Drivers Association, the Executive Secretary of the Association of Maintenance and Operation Personnel for Schools, and the President of the Georgia Schoo l Food Service Association.
WHAT ABOUT SOCIAL SECURITY?
Benefits paid by the System are in addition to any that a member might receive from Social Secu rity. Any questions regarding Social Security benefits should be directed to a Social Security office.
PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM Room 592
254 Washington Street, S. W. Atlanta, Georgia 30334
Telephone 404/656-2960
September, 1973

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Your Public School Employees Retirem ent System

MEMBERSHIP
The Public School Employees Retirement System was established by an act of the 1969 Georgia General Assembly which became effective January 1, 1970, and started paying monthly benefits to its retired members a year later. Membership consists generally of school bus drivers, food service employees, maintenance personnel, custodial personnel and other employees not eligible for m e m b e r s h i p i n T e a c h e rs Retirement System.
To retain this membership, an employee must work at least one out of every four consecutive school years. Membership may be kept, however, with board approval, if the member's service in the U. S. armed forces or personal illness prevents him from working the required one year in four. Employees with 10 or more years service need not work this one year in four to retain their membership (see "Vesting" section for details ).
CONTRIBUTIONS
Contributions to the System, which are deducted from the employee's paycheck, are $4.00 per month, up to a maximum of $36.00 yearly for the nine- month school year (September through May).

WHO MAY RETIRE?
A member with 90 months service (10 nine-month school years) or more may retire with a maximum monthly benefit at age 65. Members with at least 10 years service may retire as early as age 60, but monthly benefits will be permanently reduced by 1/2 of 1% for each month the member is under age 65 at the time of his retirement. For example, to retire at age 60, a member would receive 30% less in monthly benefits (1/2 of 1% times the 60 months under age 65).
When eligible for retirement, a member should apply with his school system superintendent who will forward the application to the Public School Employees Retirement System. All retirements are effective on the first day of a calendar month, and applications must be received by the Retirement System at least one month prior to that date. Applications should be filed in time for the school system to process them and get them to the Retirement System one month prior to retirement date.

BENEFITS
Maximum benefits for members retiring at age 65 are $5.00 monthly for each creditable school year of employment. (The monthly benefit for a member retiring at age 65 with 25 years of service would be 25 times $5.00, or $125.00.) Benefits are less if a member elects to retire early, as described previously. A member with 15 or more years creditable service, who is totally and permanently disabled and unable to perform his work duties, may (subject to approval of the retirement system board) retire and receive the same benefit he would have received had he been age 65 when he became disabled.
A member wishing to retire on disability must submit a retirement application marked "disability," a statement from his supervisor describing both his job and inability to perform it, and a detailed disability description from his doctor. The retirement board may require additional medical information if necessary. Disability applications, like normal retirement applications, must be received by the Retirement System from the local superintendent at least one month prior to the first day of the month the retirement begins.